Yılmaz: The Decrease in Current Account Deficit Reduces Financing Costs

Statement from Cevdet Yılmaz on Current Account Deficit

Vice President Cevdet Yılmaz made a statement regarding the current account deficit data, noting that as of November, the annualized current account deficit stood at 23.2 billion dollars. Yılmaz expressed that this result is consistent with the Medium-Term Program (OVP) targets and that sustainable levels are being maintained.

Decrease in Financing Costs

In a statement made via social media, Yılmaz said, "The current account's trajectory at sustainable levels and improvements in the country's risk premium are reducing the need for external financing and thus lowering financing costs."

Decline in Service Items

Yılmaz pointed out that, due to seasonal effects, there has been a decrease in supportive factors in the services item within the current account transactions, stating that a total deficit of 4 billion dollars was recorded in November. However, he emphasized that the annualized current account surplus, excluding gold and energy, amounted to 44.6 billion dollars, indicating that improvements in external balance are based on solid foundations.

Future of the Turkish Economy

Despite global risks, Yılmaz noted that the balanced growth structure of the Turkish economy, the decreasing current account deficit, and increasing foreign capital inflows will lead to positive differentiation from many countries by 2025. He believes that ongoing reforms will support the investment environment, ensuring continued improvement.

International Investments and Future Goals

Yılmaz stated that in the upcoming period, they aim to increase the share of international investments in financing the current account deficit and to make the composition of the current account deficit more favorable. Moreover, he indicated that investments aimed at reducing external dependence in energy and value-added industrial initiatives will continue to be strategic tools for structural transformation in the current account balance.